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BAA: case review

Speed Read: The BAA Limited decision is the latest development in HMRC's continued fight against deal fee VAT recovery in both a private equity and a mainstream M&A context. The Tribunal held that VAT incurred on the costs of Ferrovial's acquisition and refinancing of BAA was recoverable because the underlying supplies were made to the BAA VAT group and they related both to the acquisition itself and the subsequent running of the business. This decision highlights the importance of designing and implementing the right VAT strategy from day one and emphasises the clear need for positive proof as to why VAT is recoverable in the particular amount claimed.

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